Côte d’Ivoire to set up $500 mln green fund

Côte d’Ivoire will set up a $500 million green financing fund to support sustainable growth initiatives and enhance climate action, the IMF said.

This new facility will be part of the African Green Banks Initiative, aiming to create a $1.5 billion ecosystem of green investment facilities across the continent by 2030.

The facility will be capitalized by public sources such as the Ivorian government, the Green Climate Fund, the Global Environment Facility, multilateral development banks, development finance institutions, and potential private sources.

Africa has been disproportionately affected by climate change, exacerbating droughts, floods, and cyclones across the continent in recent years. African countries contribute by only 1% to global warming.

The objectives set out in Côte d’Ivoire’s Nationally Determined Contribution (NDC) would require an estimated $22 billion by 2030.

In March, the IMF’s board approved a $1.3 billion, 30-month loan agreement for Côte d’Ivoire under the Resilience and Sustainability Facility.